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IRAs

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The IRA advantage

An IRA (Individual Retirement Account) lets you save money for retirement tax-free until you are ready to withdraw it. You can set a fair amount of money aside each year and watch it grow. All withdrawals are taxable.

We currently have traditional IRAs available, as well as an IRA certificate of deposit (CD), which lets you earn a higher rate in return for leaving your money untouched.

View current rates on IRA savings accounts

For IRA CDs, see our rates for regular CDs

If you’re interested in a Roth IRA, get in touch with our retirement and investment consultant.

Why choose Arsenal?

When it comes to retirement, you want a financial institution that truly cares about your well-being. We are 100 percent not for profit and member owned – which means we’re invested in your financial success, not just our own.

Tax-Free Growth

IRAs are typically taxed when you make contributions in periodic deposits or when the money is withdrawn. This means that you will get to defer paying taxes on your IRA until later, which can be very beneficial for your savings goals. If you’re in a higher income tax bracket, using an IRA means that you won’t have to pay taxes during your eventual retirement.

Withdrawal Rules

The rules surrounding withdrawal can vary depending upon your age, with penalties applying for withdrawal before retirement age 59. However, some exceptions may let you have penalty-free withdrawals. For example, if you decide to purchase a house or receive disability benefits, your withdrawal will be penalty-free.

Brokerage Accounts

You can invest your money in just about anything you want, including savings accounts, stocks, and bonds. This is highly beneficial because it gives you several different options when it comes to growing your investments until retirement.

  1. 1

    Save your money

    Reduce the burden on your annual taxes by putting some of your money in an IRA.

  2. 2

    Grow your money

    Earn monthly interest on a traditional IRA and quarterly interest on an IRA CD.

  3. 3

    Protect your money

    IRA accounts at Arsenal are federally insured by the National Credit Union Administration (NCUA).

Start saving

When it comes to saving for retirement, the earlier, the better.

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FAQs

Use this calculator. Please note that this calculator should not be used for Roth 401(k) comparisons.
There is none for an IRA savings account, but $500 for an IRA CD.
The 2020 combined annual contribution limit for Roth and traditional IRAs is $6,000. The limit is $7,000 if you're age 50 or older.
A Traditional IRA can be established/funded by any individual who has taxable compensation or self employment income for the year and will not reach age 70½ by the end of the year. Note: These restrictions apply only to regular IRA contributions made for the year. There are no age limitations or income requirements for establishing a Traditional IRA for the purpose of receiving assets transferred from another Traditional, SEP or SIMPLE IRA, or for the purpose of a rollover from a qualified plan, 403(b), or governmental 457(b) plan.
Penalties may apply if you withdraw before age 591/2.

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